{"id":12949,"date":"2023-08-24T05:29:51","date_gmt":"2023-08-24T05:29:51","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12949"},"modified":"2023-08-24T05:29:53","modified_gmt":"2023-08-24T05:29:53","slug":"bitcoin-ordinals-volume-dips-98-opensea-to-disable-royalty-tool-and-frend-tech-hype-nifty-newsletter","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12949","title":{"rendered":"Bitcoin Ordinals volume dips 98%, OpenSea to disable royalty tool, and Frend.tech hype: Nifty Newsletter"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Welcome to the latest edition of Cointelegraph\u2019s Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on nonfungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights.<\/p>\n<p>In this week\u2019s newsletter, read about the newly-launched decentralized social media platform Frend.tech, which has gained over 100,000 new users since its launch.<strong> <\/strong>Yuga Labs plans to wind down support for OpenSea after the nonfungible token (NFT) platform announced it would disable its on-chain royalty enforcement tool, and Bitcoin Ordinals NFT trading volume has plunged 98% since May. <\/p>\n<h2>\u201cI give it six to eight weeks\u201d \u2014 Critics warn Friend\u200b.tech hype won\u2019t last<\/h2>\n<p>Friend.tech, a new decentralized social media application, has rapidly become one of the hottest new things in crypto, with over 100,000 new users and more than 24,000 Ether (ETH) in trading volume since its beta version launch of Aug. 11. <\/p>\n<p>While many crypto industry heavyweights have praised the app for bringing thousands of people on-chain and inspiring sign-ups from even non-crypto figures \u2014 such as gaming YouTuber Faze Banks and Russian protest group Pussy Riot \u2014 some have warned it\u2019s at risk of burning out.<\/p>\n<p><strong>Continue reading<\/strong><\/p>\n<h2>NFT marketplace OpenSea to disable royalty enforcement tool<\/h2>\n<p>NFT marketplace OpenSea is sunsetting its on-chain royalty enforcement tool \u2014 Operator Filter \u2014 which allows creators to blacklist NFT marketplaces that don\u2019t enforce royalties. The change is set to take effect on Aug. 31, according to an Aug. 17 statement by OpenSea founder and CEO Devin Finzer.<\/p>\n<p>The Operator Filter feature was first introduced in November 2022 and was described as a \u201csimple code snippet\u201d that could restrict NFT sales to only marketplaces that enforced creator fees. The announcement by OpenSea led Yuga Labs to terminate its support for the NFT marketplace. Yuga Labs said it would start winding back OpenSea support for \u201call upgradable contracts and any new collections\u201d following the announcement from the NFT marketplace.<\/p>\n<p><strong>Continue reading<\/strong><\/p>\n<h2>Sotheby\u2019s and Yuga Labs respond to lawsuit from Bored Ape investors<\/h2>\n<p>Fine arts auction house Sotheby\u2019s has recently been named in the class-action lawsuit filed by Bored Ape Yacht Club (BAYC) investors against BAYC creators Yuga Labs. The investors allege that the auction house helped Yuga Labs \u201cdeceptively promote\u201d the NFT collection. <\/p>\n<p>On Dec. 10, 2022, BAYC investors filed a class-action lawsuit against over 40 defendants, including Yuga Labs and celebrities like Post Malone, Justin Beiber and Paris Hilton. The lawsuit alleged that Yuga Labs and the celebrities were able to \u201cartificially increase\u201d the prices of the NFTs through celebrity promotions.<\/p>\n<p><strong>Continue reading<\/strong><\/p>\n<h2>Bitcoin Ordinals NFT trading volume tanks 98% since May \u2014 DappRadar<\/h2>\n<p>DappRadar has pointed to an \u201calarming plunge\u201d in Bitcoin Ordinals NFT user activity, with trading volumes tanking around a whopping 98% since May.<\/p>\n<p>In an Aug. 17 report, DappRadar highlighted its data showing that total Ordinals sales volume had decreased from peak levels of $452 million in May to roughly $3 million as of Aug. 14. In line with that drop, the number of transactions also declined by around 97% to 20,571 in the same period.<\/p>\n<p><strong>Continue reading<\/strong><\/p>\n<h2>Tragedy or rug pull? Inside the collapse of a \u201ccharitable\u201d NFT project<\/h2>\n<p>Launched in November 2021, NFT marketplace Orica held itself up as an \u201cethical platform\u201d benefitting artists, collectors and charities alike. At the time, the organization was involved in prominent projects \u2014 from building a school in Uganda to aiding victims of human trafficking and helping Ukraine. <\/p>\n<p>But less than two years later, the project\u2019s founders have disappeared, and the marketplace\u2019s user interface has gone offline. All that remains are the project\u2019s charity efforts, which proved to be genuine, in tandem with allegations from disgruntled users that the developers orchestrated a rug pull. In a new revelation, co-founder Danial Zey breaks his year-long silence, not only denying all allegations and insisting the project was \u201chacked\u201d but also claiming that the project is still ongoing. Cointelegraph investigates. <\/p>\n<p><strong>Continue reading<\/strong><\/p>\n<p><em>Thanks for reading this digest of the week\u2019s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.<\/em><\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-ordinals-volume-dips-98-opensea-to-disable-royalty-tool-and-frend-tech-hype-nifty-newsletter\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Welcome to the latest edition of Cointelegraph\u2019s Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on nonfungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights. In this week\u2019s newsletter, read about the newly-launched decentralized social media platform Frend.tech, which has [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12950,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12949"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12949\/revisions"}],"predecessor-version":[{"id":12951,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12949\/revisions\/12951"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12950"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}